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Dentists Who Invest

Podcast Episode

Full Transcript

Dr James: 

Good afternoon everybody. Welcome back to the Dentison Invest podcast. A killer episode we’ve got lined up today with my main man, ali Jawad, and he is here today because he shares an interest and philosophy on mortgages, the four P’s of mortgages. Do you know what? We’ve added a little bit of a recurring theme in the podcast recently because we’ve had quite a few chaps on the speaker part of mortgages and I’m interested to hear what you have to say, ali Jawad, or AJ, to his friends AJ for short because you have, as I say, a bit of a unique philosophy that people will benefit from hearing. How are you, my friend? How’s things with you today?

Ali: 

I’m doing well, man. It’s Easter Monday. I’ve had my chocolate already before I started fasting, that’s for sure. And yeah, man, I’m looking forward to this. Thank you for having me on, james.

Dr James: 

Oh, dude, my pleasure, my pleasure. I’m here to learn as well, because this is all new to me the four P’s of mortgages. So, aj, it might be nice to have a little bit of an introduction about yourself for people that don’t know you, just so we can get for a little bit of a feel for what it is that you do.

Ali: 

Yeah, absolutely, man. So I started my journey over 12 months ago now, but before that I was an IT project manager, so completely different field and for me, mortgages was sort of an obvious choice when I started to follow my passion, follow my purpose in life. I’ve always had an interest in personal finance and property since the age of 18, you know, my dad wants to be to see one of his clients at that time and you know this guy had a mansion and massive property and I was like you know what? This is amazing. You know, he’s got these chandeliers, these marble floors, he’s got the latest tech and everything. This is something I want to do. I want to find out how he’s done this as well. And you know, one of the things he’s done is invested in property for himself and I thought you know what? Let me just go and see how I can get myself into it. It took me a while, obviously, but yeah, I just have a passion for personal finance and property and mortgages seem like the obvious thing to do because it covers both aspects and helping people, you know, achieve their dreams, achieve their financial goals, is something that I’ve always. You know, I find I take a sense of pride and achievement in that, so that’s why I ended up doing my qualifications when lockdown hit. I got the time and here I am 12, 14 months later, you know, got my own advisory business and it’s going well so far.

Dr James: 

When we know each other through Mahmood, of course, mahmood, mojhi shout out to Mahmood because AJ was one of the delegates on my Mojhi course and I was helping you create that story that you referred to and you told me about the four Ps of mortgages and I thought let’s get AJ on the Dentist who invest podcast because I want to hear about this angle regarding mortgages that we never hear, or I certainly never come across before, and all I know is there’s four Ps at this point, so I’m looking forward to learn what those are. Maybe you’d like to jump straight in and start telling us.

Ali: 

Yeah, absolutely so. You know, when it comes to mortgages, we find it really complicated to actually, you know, get a heads on how the actual, how it actually works, how lenders look at our applications. You know how we actually get the money that we need to buy the house that we need or the investment property that we need. So what I’ve come across is something called the four Ps, which I think is really powerful. That helps, you know, make something so complex and breaks that into different things, which makes it so easier. So the four Ps actually stand for property, people, purpose and product, and it’s really simple because you’re breaking it down into four different things that actually, combined together, can make your application really strong and really powerful. You know when you send it out to the lender and it covers all the aspects that the lender wants to see. So when you’re talking about property, you’re actually talking about the assets that you’re actually securing the mortgage against. You know what. You know what type of property is it? Is there going to be a flat? Is it going to be a house? Is a freehold leasehold? You know how many bedrooms does it have from the bathrooms, kitchens, parking spaces. Does it have a garage? You know it’s a standard construction, non-standard construction, everything and anything to do with the property falls under that category and that’s one area that the lender is going to assess. You know when they do the valuation report they’re going to check. You know what the resell value would be, what the current market value is going to be. You know does it have any restrictions that are going to affect it. You know if it’s got something like Japanese knotweed or if it’s got a flatweed, for example, if it’s above a commercial shop, you know every detail of that property will be inspected by the lender and that falls under the property category. Then you’ve got people, which is you. You know as an applicant. You know there’s one person applying to people applying, four people applying. You know each and every person is going to be scrutinized about their income, their expenses, their credit report, if they’ve got adverse credit history. You know even stuff, even something simple, as your age, it all impacts. You know you as a person and how you are in front as a profile, in front of the, in front of the underwriter who’s going to be reviewing your case, and then you go to. You go to purpose, which is all about your intention and that underlyingly helps the, helps the underwriter know what exactly are you buying this property for? You know what’s your intention. Is it your first home? You know you want to get on the property ladder. Are you looking to? You know, start investing in property? You know, and if you’re investing in property, what’s your plan for the for the next five years? Are you just looking at one property you’re looking at? You know, building a portfolio. What type of portfolio? All that kind of stuff. You know what is your intention behind the and the driving force making you want to go and buy that property. And that purpose is really important as well, because we always focus on the property and the people. But the purpose actually needs to align to what the lender’s values are and the core values of the lenders are, because if we don’t, you know, if my values don’t align to yours, you’re not going to necessarily want to. You know, invest in me or give me the money that I need to go ahead with my business and what I wanted to achieve and my goals going forward. And finally, product you know product is all about. You know, does the lender have the product that you’re looking for and is a right to your needs and circumstances today. So when we talk about product, we talk about interest rates. We talk about if it’s fixed or if it’s available, if it’s track or what type of you know what type of product are you happy with? What loan to value you’re going with? You’re going with a really high loan to value, so you have a low deposit and you know all this kind of thing centered around the product. Are you looking to pay them? Are you looking for any fees associated with the product? Or do you want a product without any fees? And where’s your deposit coming from? Because that affects the product as well. And obviously, for first-time buyers, there’s a lot of schemes going on and they have certain products as well for those, for those, for those type of buyers as well, and schemes available. Or, right now, something that’s really big is eco-friendly schemes, so green, green mortgages for those houses that have a really good, you know, energy performance rating as well. So, again, and that all impacts what kind of products you can apply for and go for, and if you go for the wrong one, you’ll be rejected automatically because you don’t fit the product right here. So all those four things the property, people, purpose and product are so key and if you get them all right, you know your application, you know should go through a success for your first time with that initiative at all.

Dr James: 

You know, I recently had a revelation on mortgages and I realized that actually they’re a little bit more of an art form. It’s more about assessing the person in front of you, figuring out what’s appropriate for them specifically and then going from there rather than a one size fits all here’s a mortgage, etc. That was the thing that I realized recently and that is also basically what you’re touching at with those property purpose, people and product Is another way of saying that, or is another revel, another way of saying that revelation that I had before, because I had this understanding in my head that it was very binary or there wasn’t that many things to choose from. But actually it’s an art form.

Ali: 

It really is. And you know there’s a nowadays, given the fact that you know the world is changing. You know we’ve got technology our fingertips. You know, with the economic advances we’re making, you know there is a product for everything and anything that you want to do. And you’re right. You know it’s an art form. It’s a marketplace like anything else and you have to find the right thing for that suits your needs and your circumstances as well. So, yeah, it absolutely is an art form and you know multi-advisors are the ones who are most in the skill of how to find the right vendor for the right circumstances, for the right people for the right time.

Dr James: 

If we’re considering buying a house now, here’s the thing when it’s our first-time property, the tax treatment is so lucrative. We’re just talking about first-time, you know our first-time buyers at this point or we’re talking about our primary residents, because after that it becomes a little bit more complicated, right? Primary residents is pretty much a no-brainer because of the tax treatment, and it’s something that in the UK is prioritised financially, but also culturally as well. It’s like the received wisdom that we should all try to get a house on lockdown as soon as we can. The massive benefits come at the tax end, of course, because you’ll have to correct me on this one, but isn’t it? Up to a million, you don’t have to pay any taxes when you’re selling it on. Is that correct, or is there?

Ali: 

So when you buy the property first of all, you don’t up to £300,000, you don’t pay any stamp duty, which is a form of tax as well. Right, yeah. That’s that you don’t pay. But with the £1M one, where you’re looking at more inheritance your primary residents I think it was in 2017, there was a new sort of regulation that came out to say, on top of the £325,000 allowance each of us gets for inheritance tax before we start paying, which is our threshold if you have a primary residence, you get an extra £175,000. So that takes you to half a mil for one person. So if you’re a joint, if you’re married, for example, that’s £1M as you’re talking about. So if you’re passing your primary residence onto your kids or to your beneficiaries, after you pass away, you can pass £1M of a property value. Obviously, you’re taking all your other things into your account from their state perspective, but you can pass an £1M property without having to pay a penny to the tax.

Dr James: 

No, Isn’t there a maximum value for your primary residence when it hits a certain threshold? Prior to this threshold, whatever it is and I thought it was a million, but maybe it’s obviously different there’s a certain threshold that before that you don’t pay capital gains tax when you sell it on. Is that a different threshold? Is there a threshold on that, or have I?

Ali: 

No. So there’s no threshold there. It’s basically if you sell your primary residence and you’re buying a secondary residence, you don’t pay any capital because you’re moving home, you’re not paying capital gains tax. It’s not investment, it’s a personal use property. So for personal use properties, there is no. For your first term there’s no. Or your primary residence, there is no capital gains tax at all. It’s exempt completely. But when you are selling let’s say you bought your first See, a lot of first-time buyers find themselves down the line as accidental landlords, because what they tend to do is they don’t want to sell their first property, they want to turn into a buy-to-let and then they’re buying the second property which is going to be their primary residence. So when they go, then later on, when they go to sell their first property, if they want it in the future, they would have to pay capital gains tax on it, unless the capital appreciation is less than the threshold that is today. So that’s where you can make. You can still sell it for a profit, but not pay the capital gains tax because you’re under the threshold.

Dr James: 

Right, I’m totally with you. Okay, that’s good. I’m glad you cleared that up. But yeah, the conventional wisdom is that as long as the house valuation outpaces the interest you know the rate of increase in the mortgage due to interest then you’re golden right.

Ali: 

Absolutely, you know, especially in the last two years where we’ve seen a massive boom in prices across the country. I was reading an article by Knight Frank the other day, really interesting one and a basic give a five-year view of where it sees the property market. And you know we’ve had issues of inflation recently, we’ve got sort of a spike in sort of prices across the board in terms of cost of living, and you know the stock market’s even gone down, but property prices still continue to increase even with so much pressure. And the question is why and it’s simple, and I was that the article is basically referencing the fact that there is a huge amount of demand and the supply still cannot keep up with it. You know of all shapes, sizes of property at all. When you talk about flats, about houses, and across the country it’s not just in, like you know, north or North West or the North East or there, it’s even in the South regions as well. There’s still an expected increase. So yeah, you know property prices, you know it’s massive, massive assets, even for a first-time buyer.

Dr James: 

At what point should we start having a conversation with a mortgage advisor as to when we’re thinking about buying a house? So should we involve you in the conversation as soon as possible, or is it the sort of thing that we just save as much as we can? We have a vague idea of what we’re looking for and then approach you at some point when we’re thinking about, when we’re just about to go through with the deal. How does that process look? Is that good to get you involved as soon as possible, or is there not necessarily any benefit to that?

Ali: 

In my opinion. I think it’s great to get you there, get through, speak to mortgage advisor as soon as you can, because what they’ll be able to tell you is where you are today, and you know. You then know where you need to be for when you’re actually ready to start applying. So a lot of people think to save up the money to find the house and then get on offer, accept it and then speak to an mortgage broker, and then they get told hang on a minute, you can’t afford to raise or borrow as much as you thought you can because of XYZ. So you know, if you speak to a mortgage advisor upfront, they’ll be able to do all the assessment upfront and tell you, even if it’s very high level, and they’ll tell you you still, you know, based on your income or based on your circumstances, you need to wait, you know, maybe six months or a year, or have some documentation which you haven’t got today and give you that sort of insider, secret knowledge. It’s not secret, though to actually get on the you know, fast track your journey. Because I think a lot of people realise that they’ve made it off on a property and then they go oh, I need to speak to an advisor now and see how much I can borrow. And the SA agents usually nowadays because of the, because the markets are hot we’re looking for people who are ready, with decision principles and deposits to go forward and put an offer towards a property to the vendor. So you know, it’s really important, you know, as part of your preparations, speak to an advisor then and see how they can help you get ready.

Dr James: 

Awesome, aj. Is it safe to assume that you’re somebody who invests his money as well, via an ISA or a GIA or anything like that?

Ali: 

Yeah, yeah, I’ve got my own ISA. I’ve got, I’ve got two, one for me, one for the misses, and, funny enough, I’ve got a GISA as well, for the little one as well. So my, my new born, who’s one years old now. So first thing I did when he was born after naming him, of course was to open a GINA ISA for him. That’s absolutely for sure, man. It’s one of the best ways to invest in your kids’ future. So, yeah, definitely.

Dr James: 

That’s awesome. What do you buy within those ISAs? Are you mainly an index man or individual stocks?

Ali: 

I’ve got mixed and both I’ve got funds and I’ve got stocks as well. When I look at it, I’d like to have a diverse portfolio because it’s given even something that’s happened with the market recently. If you’ve got a portfolio that covers the whole world, it absorbs the shock of something going down with something else going up. Diversifying portfolio is really important. Since the age of 18, I’ve been researching and learning about capital markets, forex and stuff like that. It’s another area of passion of mine and I just know that that’s the way. Multiple sources of income is the way to finance freedom.

Dr James: 

Well, this is it. If you’re clever enough about how you invest your money within the ISA, you can invest in such a way that the only thing that will ever sink your ISA is if the world economy collapses. And if the world economy collapses, we’ve got bigger things to worry about. You’re basically aligning yourself with the fortunes of the global economy.

Ali: 

If you’re clever and you know what you’re doing, the way I do it is I’ll save my money and that will be my deposit. When I want to move that money towards buying an actual property or an asset, I’ll just move it across and then start again, because it’s all about compounding. You can combine it in both ways. There are so many different types of asset classes available. We always think about property and investing in the capital markets as one way, but there are so many different ways. You can make money from absolutely anything nowadays with the technology and the global market. You just have to be small. How you use money and how you diversify.

Dr James: 

I’m glad you said you were also an investor, because I wanted to ask you for your take and your opinion on saving for a first house versus investing your money. How did that look for you? What do you recommend to your clients? Is there a split, or should we focus on one over and above the other?

Ali: 

I always say you know what? Get money from the government as much as you can. You’ve got schemes available to you as first-hand buyers which were not there during my time. A lot of these schemes have come up in the last five to six years the lifetime I’ve said being a really good one now where the government gives you up to £1,000 towards your property and you only have to. For every £4 you put in, the government will give you a pound towards your property. So, in actual fact, a 25% increase in making your money worthy. Where else would you get a 25% return when your money is going to be made for you as well, as long as you meet the criteria and you check for the specifics to ensure that when you are buying the property, you are going to meet the criteria, because it does have some slight considerations and criteria that you need to be wary of. But still, 25% return as a first-hand buyer, I don’t think I’m going to get that anywhere else.

Dr James: 

I would absolutely think about using the last time as a first-hand buyer, you’d be lucky to get that in your stocks and shares. I say Absolutely. Here’s the thing over the very long-term compounding kicks in. We’re talking 3-5 years. Maybe you could outpace it, but you’d have to have a bit of good fortune on your side. A 25% guarantee is totally another thing. That’s a guarantee.

Ali: 

And not only that, because it’s a lifestyle. It’s an lifestyle at the end of the day. You can have a stocks and shares version as well. So 25% plus whatever you make in the market.

Dr James: 

Absolutely Well, we should caveat that with it comes out of your ISA allowance, doesn’t it so that foreground that you put in is foreground, less you can put in your stocks and shares. I say I should mention as well about the ISA. Correct me if I’m wrong, aj, but you can only cash it in after 2 years of investing in it. 12 months, oh, 12 months, okay, brilliant. Oh, I didn’t know that.

Ali: 

You need to hold it for 12 months minimum and you can’t actually cash it out, so don’t try and cash it out. You need to get a solicitor when you’re pricing the property to cash it out for you. That’s the way you’ll get the money. Otherwise you’ll have the penalty to pay for it.

Dr James: 

And also the property has to be under 450 grand. I believe as well.

Ali: 

Correct. Yeah, yeah, that’s right.

Dr James: 

And there’s a minimum contribution on the ISA as well, I believe.

Ali: 

To be honest not that I’m aware of, I don’t remember if we call having a minimum contribution. It’s just that you have to wait 12 months to get the bonus, so you have to hold it. Even if you have 4 pounds in there, they’ll take the 1 pound and use that. So yeah, I don’t recall having one, but yeah, there is definitely a 12 month minimum holding time period.

Dr James: 

I think ISAs are awesome for first time. Isas specifically are awesome for first time buyers. There’s also the help to buy ISAs as well, which is a little less informal. You can take your money out of that as well without any penalties, whereas the ISA I think that might. Is there a penalty for taking it out, or is it just that you lose out on your 25% increase? So how it?

Ali: 

works. So the help to buy ISAs actually doesn’t exist anymore. It actually stops, yeah, so they replaced it with the ISA, but anybody who already opened a help to buy ISAs can still use it up to 2030. So you still have a good eight years to buy a first time with that money there and, like I said, there’s no penalty if you take it out and in the life itself you can put. You know, you can put up to 4000 pounds a year. You can get up to a bonus of a thousand pounds, but if you decide to take the money out yourself, you pay a 5% penalty on whatever you put in and you lose your bonus as well. So, assuming you put a thousand pounds in, you’re going to get 250 bonus. You lose that 250 bonus, but you don’t get a thousand pounds back. You get a thousand pounds minus 5% back. So that’s 50 pounds and that’s exactly what you lose as well.

Dr James: 

You don’t invest it within the Lysa, though, do you In stocks? You can, yeah, you can.

Ali: 

You can get cash Lysa or you can get stocks and shares Lysa as well. So again, like I said, 25% you’ll get as your guarantee, bonus and anything extra if it’s invested as well, you can get all that investment as well to deposit.

Dr James: 

The only thing about that is let’s say you invest in the Lysa and then you’re wildly successful. I mean, let’s say you generate like 50,000 pounds. Does that mean you get an extra 25% on top?

Ali: 

You get the 25% on the money you put in, not on the capital. There we go. That’s the small thing. I wish that was the case, James. I wish.

Dr James: 

That would be brilliant. That would be brilliant. Any savvy investors out there would be rubbing their hands together on that one. But that’s cool. I didn’t know that. Actually, I’ve never owned a Lysa. I know all of them, I know all of the rules, but I don’t know the ins and outs like what I would know with the stocks and shares Lysa. So yeah, interesting Now very lucrative for first-time buyers Lysas. The other use for them, interestingly, is for people who are coming up to retirement age, because you can cash out when you’re 55, I believe.

Ali: 

I think you can cash out when you’re 60 with the Lysa Retirement age now is 55. But you can only open one up to your 40th birthday. Yeah, so you can open any time before your 40th birthday up to your 40th birthday, cash out when you’re 60. You can put every year up to £4,000 up to the age of 50. So and you’ll get your 1K bonus every year up to 1K, and then you just let it sit there until you’re 60 before you can withdraw it penalty free.

Dr James: 

The only downside is that if you want to take full effect of compounding, you want all your money to be in one place. That’s the flip side to it. Yeah, exactly, that is the flip side to it. So there is that to consider, even though you do get a bonus. So just something else to chuck in there. Plus, if you somebody out there who wants total flexibility on your money, which I’m a big fan of I want the ability to be able to withdraw my money at any point, rather than have T’s and C’s around it Then that might be something that puts you off as well. I heard an interest in way of describing a pension the other day. So Lysa can be compared to more of a pension, I suppose, rather than a flexible saving account, and the reason for that is because, obviously, like I say, there’s certain stipulations around taking it out. A pension is an invest in a kind with T’s and C’s. Yeah, exactly.

Ali: 

Because you can’t take your money out when you want to. You can only use certain funds and certain platforms for it, and this is the same thing with Lysa. It was expected, when it was announced, that it will be a wide takeover of different providers and lenders who would actually offer the Lysa, but it didn’t happen as the government wanted to do. So it’s actually a select number of builders, societies and platforms that actually do allow or give you the option of using Lysa. So again, shop around, look around for the best deals. Some of them do offer a good sign up incentives as well, so see what you can find, yeah.

Dr James: 

And going back to the T’s and C’s thing, it’s all about figuring out if the T’s and C’s work for you, rather than just taking the knowledge, the received wisdom from someone else and thinking, oh well, it’s worked for them, it must work for me. It’s more of an individualized, personalized journey than that, and it’s just an interesting way of looking at it. I was also going to say something as well Maybe you’ll know more on this than me Lysa providers when you have stocks and shares providers, there’s hundreds of them. Okay, stocks and shares Lysa’s are a little bit more exclusive. I wonder, I wonder. I wonder in the stocks and shares Lysa’s, what the spread of investment assets is like. I wonder what the diversity is like. I wonder if it’s as good, necessarily, as some of the stocks and shares providers out there. Is that anything you know something about?

Ali: 

I have not obviously researched every single provider. Yeah, I suppose what I meant was.

Dr James: 

Are they is. To your knowledge, are the Lysa providers at least comparable to the decent standard stocks and shares I supply? I suppose that’s what I mean.

Ali: 

I don’t think so. I think they’re more fixed funds that you can invest in, and so those type of you know the one set out sit like you said. You know it’s similar to pensions. You know you can’t invest depending on which provider you were for pensions. You are sort of limited to where you can invest in. It’s the same place up? Yeah, yeah, it’s not. It’s not a vast spread as an old-school, advisor would do what we have to understand.

Dr James: 

We should caveat that with with some of the stocks and shares I superviders, the range is just so Diverse that it might be difficult to compare. So it might be a reflection of the quality of the stocks and shares provider Rather than the shortcomings of Lyser providers. But that would be an interesting one. Actually, I like to say I’ve never owned one.

Ali: 

Yeah, it really is, and I think it’s also down to the provider and what they Would they offer, because you can have a provider that offers the stocks and shares Lyser and stocks and shares I saw but they may offer more variety of spread with the eyes of them, the right side as well. So, again it, even if you’ve got the same products or the two different products with the same provider, it may restrict you there as well. So, yeah, it’s about doing your research and Seem, because a lot of them tell you on the websites what they will give you access to or find them more of markets you have access to. So it’s about doing the homework and finding out. Actually, you know, do they have investments that you feel comfortable putting your money into?

Dr James: 

Another thing to consider is people who are investing. Let’s say they have one of these stocks and shares, lyser’s, what you’ll, what your FA will typically tell you, is that if you go into the stock market and If you buy funds, if you buy, if you invest using those assets, and if you buy with a long-term perspective, you can expect to make money over the time span of about three to five years. But people who are saving an Elyse will typically be wanting to buy a property, maybe even before that point. So just something to be wary about. Okay, but it’s a cash, lyser, I totally get it. Yeah, but as well as that, if you are going to have, just like when you have a stocks and shares, I say it’s not, you can’t just have the. I say it’s knowing what to do with it, are you? Yeah, like I feel like that’s. Those two things are conflicting. Those two things are conflated quite a lot where people will say, oh, I’ve got my stocks and shares. I say now I’m investing. But a stocks and shares, I say, is actually not as good as a cash. I say, if you don’t, if your money’s just sat in there, because at least in a cash I see you’re getting some flipping interest you know what I mean Whereas that’s not the case in the stock shares. I said that’s when you have to begin to educate yourself, but in my opinion, the education to take yourself from someone who Understands the fundamentals and understands what you must do to be able to use one of those accounts successfully, it’s actually less than a lot of people would think. If you, particularly if you want to do it to a basic level and just begin to buy funds, funds reflecting the valuations of indexes, as we were saying.

Ali: 

Yeah, absolutely. You know, with any investment you have to do your diligence and homework. Our funds it’s so key because you know I mean, it’s an amazing phrase and everybody, you know, doesn’t remember all the time but if you plan to fail, you felt it. But if you felt a plan, you plan to fail, you know at the end of the day. So you have to do your homework or fun, you have to plan. You need to make sure you know what you’re doing and, like you said, if it’s going to take three to five years but you want to buy your property in two years time, you need to understand the risk they have. The market falls at the time you’re buying your property. Your investment falls as well. So do you really want to take that risk for your deposit to read your property purchase as well? So, again, a lot of factors to consider, a lot things to think about before you make it, before you make a final decision.

Dr James: 

Love it, ali. We’re gonna, we’re gonna be drawn a line under the proceedings in just a minute podcast coming towards the end, coming up to About the 30, 40 minute mark, I want to know, short and sweet, succinct, if you could go back and speak to yourself as a first-time buyer or to anybody out there in the audience today who perhaps needs to hear this what are the best pieces of advice that you could give yourself as a first-time buyer for somebody who is seeking a mortgage? What would you do differently?

Ali: 

Oh Wow, preparation for me has to be the key thing that I would do differently. When I was buying my first home, I had no clue what I was doing. I was literally just, you know, following like a sheep as to what everybody was telling me. You know, this is what. This is the next step. This is the next step, but I really didn’t understand myself what I needed to do and how I need to be prepared. I Think preparation is the most essential part of any. You know property purchase, especially for first-time buyer, because you’re so new to the game, so new to the market it’s really key you understand how it actually works and you know, speak to people around you speak to professionals mortgage advisors, solicitors, sa agents, if you can as well Just to help you understand the process, how it actually works, how lenders essentially application, what you need to have ready or documentation you to have ready. Your credit score should look and the key thing is how much can you actually borrow? How much can you actually you know how much would lenders be willing to give to you based on your current circumstances, based on your income, your expenses, etc. As well, because, at the end of the day, you really know that you have a lot of money. You know that you you have the best opportunity to buy your, to buy your first home, and you know there are opportunities out there. There were schemes out there, government schemes that were lender schemes that can definitely help you. You know, get on the poverty ladder. It’s about finding the one that’s suitable for you, the value as well. And preparation for me has always been the key thing that I’ve noticed, because those people who are prepared Tend to be able to get on the ladder faster than any of the loads who are not and who are watching last minute to try and get ready After the note. Not those ones are the ones that normally for through. So, yeah, preparation for me is is a hundred percent the key thing, and it doesn’t matter, you know, even if you want to start speaking to somebody two years in advance of you, but purchasing property, that’s cool, because you know it’s not, that it’s enough. Some, it’s not something that happens overnight and you need, you need you know that knowledge. You need to be army yourself with that knowledge up front, even if it’s, you know, two years in advance, a year in advance, six months in advance, to get you ready for when the time comes, then it’s just Just get it, and thank you so much for giving up your time today to appear in the dentist invest podcast.

Dr James: 

If anybody would like to know more about Ali, his philium is Ali Jawad Mamdani. You’ll be able to find him on the group on dentists here in. First, feel free to reach out to Ali if you’d like to know more. Ali, as I say, thank you so much for your time today. It’s been an absolute pleasure. We’re gonna wrap things up just now. We will speak again very soon.

Ali: 

Thanks, james. I appreciate your time and, Like I said, like James said, anybody who wants to get in touch please feel free to hack it to answer any questions you have.

Dr James: 

Thanks, james, top stuff, mate, speak soon. Bye, bye yeah bye.